north america procurement as-a-service Market

The procurement as-a-service market in North America is expected to grow from US$ 1,059.4 million in 2019 to US$ 1,430.4 million by 2027; it is estimated to grow at a CAGR of 4.94% from 2020 to 2027.

AI is a major enabler technology; it simulates human decision making by examining data, creating hypotheses, and assessing evidence to make an informed decision. Procurement service providers can use these technologies in order to enhance business operations and achieve cost savings through better process efficiency; it helps to identify tail spend suppliers.

North America is active in adopting the latest technologies and implementing them in various industries. In the region, several businesses are working with Artificial intelligence (AI) and sophisticated machine learning algorithms technologies. However, the potential of such cognitive technologies to make an impact in a business to business (B2B) environment has not fully realized yet.

The governments of various countries in North America are taking several initiatives to protect people and to contain COVID-19’s spread in the region through lockdowns, trade bans, and travel restrictions. These measures are expected to have a direct impact on the region’s economic growth as the region is likely to face lower export revenues due to reduction in export volumes. The presence of various developed countries in North America makes this region as one of the key markets for the growth of procurement as-a-service market. Hence, the negative impact of COVID-19 on supply and demand of various products and services as well as on the businesses operating in the region is expected to affect the growth of procurement as-a-service market.

The overall North America procurement as-a-service market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the North America procurement as-a-service market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants involved in this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the North America procurement as-a-service market. Key players operating in the market in this region include Accenture; CAPGEMINI SE.; Corbus, LLC; Genpact Ltd; GEP; HCL Technologies; IBM Corporation; Infosys Ltd; Wipro Limited; and WNS (Holdings) Limited.